Scottish businessman Craig Whyte confirms Rangers takeover talks

Scottish tycoon Craig Whyte has confirmed he is considering making an offer to buy Rangers.

The 39-year-old businessman is in talks with Murray International Holdings regarding a proposed takeover.

Whyte says talks are at an early stage and a formal offer for the Scottish champions has yet to be made.

No offer... yet: Whyte has said negotiations are at an early stage

A statement released to the Stock Exchange read: 'Craig Whyte notes the articles in today's press regarding discussions between him and Murray International Holdings Limited with a view to him acquiring MIH's majority shareholding in Rangers Football Club Plc.

'Mr Whyte confirms that he is considering making an offer for RFC and is in talks with MIH but that these are at an early stage and there can be no certainty that an offer will ultimately be made.

Blow: Even if the takeover is completed by the New Year there may be no big transfer fund made available to manager Walter Smith in January

'Mr Whyte has not yet approached the board of RFC. A further statement will be made in due course.'

It is understood Whyte has joined forces with property developer Andrew Ellis in his bid to take over Rangers.

If the takeover is concluded, the club's debt, which stood at £27.1million on June 30, would be wiped out.

However, even if the buy-out is completed by the New Year, it is understood there will be no massive transfer kitty made available to manager Walter Smith in January.

London-based Ellis - who has been friends with Whyte for several years - was previously involved in a bid to buy the club earlier this year.

A consortium fronted by Ellis announced to the Stock Exchange back in June that they were in 'advanced negotiations' to buy a controlling interest in Rangers. But the deal fell through and owner Sir David Murray took Rangers off the market just weeks later.

A statement from Rangers read: 'The board notes the announcement released this morning on behalf of Craig Whyte.

Fresh start: Rangers have debts of £27.1m, but that would be cleared in a takeover

'The board confirms that it has been advised by Murray International Holdings Limited that it is in early discussions with Craig Whyte regarding the acquisition of MIH's majority shareholding in Rangers Football Club plc.

'The board will keep all shareholders informed of further developments.'